The Impact Of Green Finance On Technological Progress And Economic Growth

In order to cope with climate change and protect the ecological environment,China established the first green credit policy system in 2007.Since then,the cooperation between the environmental protection department and the financial sector has expanded to insurance,securities and other fields.As of August 31,2016,the People's Bank of China,The Ministry of Finance and other seven ministries and commissions jointly issued the "Guiding Opinions on Building a Green Financial System".marked the initial completion of green financial system.Under the guidance of the top design of green finance,China's green finance market has developed rapidly.On the basis of China's green financial policy system and the status quo of green finance development,this paper analyzes the mechanism of green financial development's effect on economic growth from three aspects: first,through policy system to promote savings and market capital to form green investment;second,through green industry capital accumulation and green development signal transmission means to promote industrial restructuring;third,by increasing corporate financing,reducing information transaction costs and risk management,promoting enterprise innovation to promote technological progress,thereby promoting economic growth.After that,this paper measures the development level of green finance of each province from the perspective of the green financial resources being invested--enterprise,and then used the panel data of 31 provinces from 2008 to 2017 for an empirical test to establish the panel vector autoregressive(PVAR)model between green finance development,technological progress and economic growth.After the analysis of stationarity test and impulse response graph,it is found that both green finance and technological progress have a significant positive effect on economic growth,while the development of green finance has not effectively promoted technological progress of enterprises.Based on the results of empirical research,this paper proposes to continue to improve the green financial product system,strengthen green financial business support and improve the supervision and incentive mechanism,so as to provide a practical basis for the green financial policy system to effectively play a catalytic role.